Easy Ways to Make Passive Income with Your Vehicle
Posted Wednesday, July 6, 2022
You are a happy owner of the vehicle, and you do not know what you would do without it. However, car payments, gas, maintenance, and insurance cost are additional expenses to your monthly budget. What if there are many ways that you can use to generate a passive income with your vehicle.
Use Ridesharing Apps
What does a ridesharing driver mean, you would ask. It means you will help people go from point A to point B, and they will pay you for this. This is one of the most popular ways to make money with your vehicle. Also, it is really a convenient way because you can do this in your free time and you do not have specific hours when you have to do this. It is really easy to become a ridesharing driver. You just need to pass a driving record and criminal background checks. Also, your vehicle needs to meet minimum vehicle age and quality standards. After this, you are ready to apply for being a ridesharing driver. Here is a list of apps through which you can do this:
Uber. This is the most popular ridesharing app in the U.S. Drivers must be 21 years old or older and have a clean driving record with at least one year of driving experience. Also, the vehicle must be newer than 15 years old.
Lyft. This is Uber’s main competitor. Both ridesharing services are equally popular in the U.S. and have exactly the same requirements for the ridesharing drivers and their vehicles.
Wingz. This is a smaller ridesharing service compared to Uber and Lyft. It primarily serves major airports in the U.S. To become a ridesharing driver for Wingz you have to meet the same requirements as for Uber or Lyft, but you will also have to pass in-person and online orientation and knowledge exams. Besides this, your vehicle must be no older than 5 years old.
Local Alternatives. Often, different cities in the U.S. have their own ridesharing apps. With in-app tipping and better base compensations than Uber or Lyft.
HopSkipDrive. This is a service founded by three working parents that are specifically for transporting children. “CareDrivers” need to be over the age of 23 and have 5 or more years of childcare experience, among other criteria listed on the website.
Become a Delivery Driver
Another way to make money with your vehicle is to use it to deliver goods to other people. The concept is the same as for ridesharing drivers. You can work in your free time. However, you can also deliver stuff on your way to work or other places, and safe time and the most important is you earn money.
There are a few different types of delivery services:
Below you can find a list of the service delivery apps where you can sign up for the delivery driver position:
DoorDash. This is a food delivery service that is really popular among restaurants in the U.S. Many restaurants do not have their own delivery service, thus, they use DoorDash to deliver food to their customer. To become a delivery driver, you have to be at least 18 years old and have a clean driving record.
Uber Eats. This delivery service has the same concept as DoorDash and provides the same service.Delivery drivers must be at least 21 years old and have one year of driving experience. Also, your vehicle must be younger than 20 years old. However, compared to other delivery services, with Uber Eats, you get paid instantly after completing the delivery.
Grubhub. This is another food delivery app that is similar to Uber Eats and DoorDash. To become a delivery driver for GrubHub, you must be at least 19 years old and pass a criminal background check.
Postmates. With this delivery service, you can not only deliver food from the restaurant but also groceries, clothes, and other goods that are available through Postmates in your area.
Instacart. This is a delivery service that focuses on delivering groceries, clothes, makeup and skincare products, and other goods to people. It is really popular among online stores and especially on Instagram and Facebook. You must be 18 years old or older and be able to lift up to 40 pounds to become a delivery driver for Instacart.
Shipt. This delivery service has a similar concept to Instacart and its main competitor. It partners with Target, CVS, Petco, and other supermarket chains.
Amazon Flex. This is an Amazon delivery service app. It is pretty simple to become a delivery driver for Amazon and deliver packages to customers. You just need to pass a criminal background check to get the job. However, the disadvantage of this delivery service is that you cannot get tips.
Turn Your Vehicle into a Commercial
It is an easy way to make money since you do not need to do much. You just need to connect with one of the advertising companies, and they will place an ad on your vehicle, and you will get paid. Thus, your car will become a moving billboard, and people will see the information on your car whenever you drive around. Many companies would like to have a promotion like this. Below you can find a least of companies that will connect you with companies that would like to put an ad on your vehicle:
Carvertise. To qualify, your vehicle must be no older than 10 years, and you have to have a clean driving record and drive at least 30 miles per day. Drivers usually earn $100-300 per month, with an additional opportunity to earn $30 in an hour if you park your vehicle at a specific location.
Wrapify. This company works mainly with Microsoft, Zillow, and Alaska Airlines. As with Carvertise, drivers have to meet similar requirements. However, with Wrapify, drivers can earn up to $450 per month if they fully wrapped cars – where the wrap completely covers the factory paint job.
Autowrapped. This is a similar company to Cartevise and Wrapify, and you need to meet the same requirements to turn your vehicle into a billboard.
Rent Your Vehicle
If you have a vehicle that you do not use every day, or you are going on vacation for some time and leaving your vehicle. Then you can give your vehicle for rent to locals who do not own cars and travelers who do not want to bother with traditional rentals while they are in town. This option clearly comes with a certain amount of risk, but there are a growing number of services dedicated to allowing you to essentially lease out your car while you are not using it yourself:
HyreCar. This is an app that you can use to provide your car for rent for a short among of time (you can even give your car for an hour). Often people who do not have their own vehicle use HyperCar to rent the vehicle and use it to be Uber or Lyft drivers or make food or other deliveries to people. According to HyreCar users earn an average of $14,000 per year, per vehicle.
Turo. This is a car-sharing marketplace for drivers with registered, insured vehicles newer than 12 years. Also, your vehicle should have fewer than 130,000 miles and does not exceed $150,000 in value. Through Turo people can rent a vehicle for a short time, and the owner of the vehicle will get paid for providing the vehicle to them.
Getaround. It is a similar app to Turo, and it also connects owners of newer vehicles with drivers who need vehicles for a few hours or days at a time. Your vehicle should be newer than the 2010 models, have fewer than 125,000 miles, and seats a maximum of 8 passengers.
Help People to Move
Another way to generate a passive income with your vehicle is to transport other people’s equipment from one place to another. You do need to have a full-size van, you just need to have a decent-sized trunk and backseat space.
TaskRabbit is a good app that will help connect you with people who need help with moving. You just need to show up and let people load their stuff into your vehicle. The benefit of this app is that you can set your own rates for your service.
Track Your Mileage
This is the easiest way to make money on your vehicle. You do not need to spend your free time on deliveries or provide your car to somebody else. You just need to download an app from the list that you will see below and give it permission to track your mileage and use your data.
Tapestri. This is a location data broker app that tracks your mileage and sells the anonymous location data to other companies to help them gain an understanding of consumer shopping habits. The advantage for you is that you do not need to interact with the app. You will earn $25 each month just for having it on your phone.
OnMyWay. This is a data collection app that helps to prevent distracting driving. You will need to provide your phone number to complete the registration, and OnMyWay will use it to track your activity while driving. You will get $10 for downloading it and $0.05 for every mile you drive without texting.
Mobilo. This app is focusing on decreasing distracted driving by rewarding users with points instead of cash. The app will activate Google Maps or another GPS app on your phone. If it detects a speed above 12 mph for at least two minutes, you will get points. Also, Mobilo will reward you with one point every minute you do not use your phone while driving. However, it will deduct a point any time you use your phone. You can redeem your points for Mobilo, a new cryptocurrency.
Now you know multiple ways how you can use your vehicle to make money and you can always combine a couple of ways to generate more money. For example, you can put an advertisement on your vehicle, make deliveries or be a ridesharing driver, and use apps like Tapestri, OnMyWay, and Mobilo at the same time and make money.
If you do not have your own vehicle but want to get one, here is a guide for you on How to Become a First Time Buyer. Also, if you are from Indianapolis, Indiana, do not hesitate to reach out to Indy Auto Man for the best used car dealership in town.